Question 1

Explain the term "market segmentation strategies."

Accepted Answer

Market segmentation strategies means an organization targets its product, service or idea only to a specific group of consumers rather than everybody.

Question 2

Demographics are statistics that measure observable aspects of a population, such as birth rate, age distribution, and income.

Accepted Answer

Demographics indeed refer to statistical data relating to the population and particular groups within it, covering aspects like birth rate, age distribution, and income, among others, to analyze and understand population characteristics.

Question 3

Which of the following is NOT a stage of the consumption process?

Accepted Answer

Desire is considered a part of the broader pre-purchase stage in the consumption process, rather than a distinct stage on its own. The consumption process typically includes pre-purchase (which encompasses recognizing a need or desire), purchase, and post-purchase stages.

Question 4

________ are statistics that measure observable aspects of population.

Accepted Answer

Demographics are statistics that measure observable aspects of a population, such as age, gender, income, race, and education.

Question 5

Which of the following is NOT considered a demographic?

Accepted Answer

Demographics typically refer to statistical data relating to the population and the particular groups within it, such as age, sex, income, and occupation. Lifestyle, however, is considered a psychographic characteristic, which relates to people's attitudes, values, or interests rather than their statistical demographic information.

Question 6

When a transaction occurs between two or more organizations or people who give and receive something of value, an exchange has taken place.

Accepted Answer

An exchange involves a transaction where two or more parties give and receive something of value, which is a fundamental concept in economics and business.

Question 7

Jenny Rowlins is absolutely exhausted after her shopping trip to pick out a dress for her sorority's formal event. The stores were crowded, and none of her favorite shops carried a dress that she liked in her size. After spending hours at the mall, Jenny decided to order her dress online and just return it if it was not exactly right. This story is an example of how consumer behavior is a(n) ________.

Accepted Answer

The story illustrates consumer behavior as a process, involving decision-making steps such as searching for a product, evaluating alternatives, and making a purchase decision, which in this case, ended with Jenny deciding to order a dress online.

Question 8

Which of the following time periods is encompassed in the study of consumer behavior?

Accepted Answer

Consumer behavior encompasses all stages of the buying process, including prepurchase, purchase, and postpurchase phases.

Question 9

A(n) ________ is a person who identifies a need or desire, makes a purchase, and then disposes of a product during the three stages of the consumption process.

Accepted Answer

A consumer is the individual who goes through the process of identifying a need or desire, purchasing a product, and then disposing of it, which encompasses the three stages of the consumption process.

Question 10

According to the definition of consumer behavior, how a consumer disposes of an idea and accepts another is part of consumer behavior.

Accepted Answer

Consumer behavior encompasses all aspects of the consumption process, including how consumers acquire, use, and dispose of goods, services, and ideas, which includes the acceptance of new ideas and the rejection or disposal of old ones.

Question 11

According to the basic marketing concept, a firm exists to ________, only to the extent that they understand the people or organizations that will use the products and services they sell.

Accepted Answer

The basic marketing concept holds that a firm's purpose is to satisfy customer needs. Understanding the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors is central to this concept.

Question 12

Descriptive characteristics of a population are called demographics.

Accepted Answer

Demographics refer to statistical data relating to the population and particular groups within it, including characteristics such as age, gender, income, and education.

Question 13

In the early stages of development, consumer behavior was known as buyer behavior. What important aspect of the exchange process does this change in name reflect?

Accepted Answer

The answer of In the early stages of development, consumer...

Question 14

Is there a 'right way' for retailers to help in times of disaster?

Accepted Answer

The answer of Is there a 'right way' for retailers...

Question 15

Which term refers to the bond between product and consumer that is difficult for competitors to break?

Accepted Answer

Brand loyalty refers to the strong connection a consumer has with a particular brand, often leading them to repeatedly purchase products from that brand over competitors. This bond is challenging for competitors to break because it is based on trust, satisfaction, and positive experiences with the brand.

Question 16

Which of the following is the study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires?

Accepted Answer

Consumer behavior is the study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires.

Question 17

Because consumer behavior is now examined as an entire consumption process that includes pre-purchase and post-purchase issues, exchange theory is irrelevant to the study of consumer behavior.

Accepted Answer

Exchange theory remains relevant because it provides insights into the value exchange between consumers and marketers throughout the entire consumption process, including pre-purchase, purchase, and post-purchase stages.

Question 18

The 80/20 rule (20 percent of users account for 80 percent of sales) targets what user group?

Accepted Answer

The 80/20 rule, also known as the Pareto Principle, suggests that a small percentage of users (20%) account for a large percentage (80%) of sales, targeting heavy users.

Question 19

A transaction in which two or more organizations or people give and receive something of value is called ________.

Accepted Answer

An exchange is a transaction where two or more parties give and receive something of value, which is a fundamental concept in marketing and business.

Question 20

Explain what a consumer is.

Accepted Answer

The answer of Explain what a consumer is....

Quiz 1: Buying, Having, and Being: an Introduction to Consumer Behavior